Realização Parceiros Apoio
BUSINESS OPPORTUNITIES IN TURKEY’S PPP MARKET Emre AYKAR President – CICA (Confederation of International Contractors ’ Association), Vice President – TCA (Turkish Contractors ’ Association) Partner, Member of the Board – Yapı Merkezi April 28th, 2015 – BRASILIA
CONTENTS 1. Presentation of Eurasia Tunnel Project 2. Ongoing Major PPP Projects in Turkey Some Major Future PPP Projects in Turkey 3.
1. Presentation of Eurasia Tunnel Project
EURASIA TUNNEL – Cross Section
PROJECT OVERVIEW - Location
PROJECT OVERVIEW – Contribution to Istanbul’s Highway Network • Providing continuous flow of traffic between Asian and European Side of Istanbul in a safe, robust and comfortable fashion. • Significant time savings • Shortest path between Atatürk and Sabiha Gökçen airports • No effect on the “Silhouette of Istanbul” • Net savings in pollutant emissions with reduced travel time – An Environmental Friendly Project
PROJECT OVERVIEW – Key Stakeholders
PROJECT OVERVIEW – Dates Contract Signed: February 2011 Loan Agreements: December 2012 Start of Service: October 2016 (estimated) Transfer (back to the Client): January 2042 Total Duration of the Concession: 29 Years 10 Months
PROJECT SPONSORS – Yapi Merkezi Dubai Metro Haramain High Speed Railway Madinah station
PROJECT SPONSORS – Yapi Merkezi Ethiopia Awash – Kombolcha – Hara Gebaya R. Four Seasons Hotel Ankara Konya High Speed Railway
PROJECT SPONSORS – Yapi Merkezi Algeria Bir Touta – Zeralda Railway Casablanca Tramway Izmir Metro
PROJECT SPONSORS – SK E&C SK E&C has achieved success with its development of the newest building methods, creation of advanced systems, and its extensive experience and know-how.
BORED TUNNEL (TBM) – Geological Conditions • Strait was formed by historic tectonic forces, leaving the Trakya Sandstone bedrock fold- ed, faulted, intruded, intensely fractured and weathered. • Soft ground consisits of alluvial deposits that have in-filled a past channel in the bedrock. Alluvial deposits range from coarse-grained soils to fine-grained soils and can vary both vertically and laterally as a result of depositional history.TBM tunnel passes through mostly silty fine sand and some clay and sandy clay layers.
BORED TUNNEL (TBM) – Bored Tunnel Section Precast Segment Lining(t=600mm) Upper Roadway Deck (Cast in Situ) Upper Corbel Lower Roadway Lower Corbel Deck (Precast) Utility Gallery 600 12.000 600 13.200
BORED TUNNEL (TBM) – Assembly of the Tunnel Boring Machine
BORED TUNNEL (TBM) – Excavation Pit (Asian Side)
BORED TUNNEL (TBM) – Internal View of the Tunnel
BORED TUNNEL (TBM) – Segment Stock and Delivering
BORED TUNNEL (TBM) – Upper-Deck Construction
BORED TUNNEL (TBM) – Upper-Deck Construction
BORED TUNNEL (TBM) – Upper-Deck Construction
FINANCIAL STRUCTURE – Summary Investment Item Cost (USD) EPC Costs: 814,000,000 Development and Admin: 115,000,000 Financial Costs: 81,000,000 Interest During Investment: 178,000,000 Reserves and Contingency: 57,000,000 TOTAL INVESTMENT COST 1,245,000,000 Equity (22.9%) 285,000,000 Senior Loans (77.1%) 960,000,000
FINANCIAL STRUCTURE – Financial Institutions and Credits Multilateral Institutions: Type of Facility Amount Extended (USD) European Investment Bank European Bank for Reconstruction All facilities ’ terms are 18 years and Development Export Insurance Providers: Direct Facilities: 550,000,000 Korean Exim Bank Korean Export Insurance Agency Facilities under Export 210,000,000 (K-Sure) Commercial Banks: Insurances: Standard Chartered Bank Sumitomo Mitsui Banking Facilities Guaranteed by 200,000,000 Corporation Mizuho Bank Turkish Banks: Garanti Bankası Türkiye İş Bankası Yapı Kredi Bankası Total Credits: 960,000,000 Deutsche Bank
FINANCIAL STRUCTURE – Development and Legal Framework Development and updating of City Plans Approvals from Protection Councils and other authorities Creation of City Plans Updating of Existing City Plans by Municipalities Development of Debt Assumption Agreement (between Lenders and Turkish Treasury) Development of Direct Agreement (between Lenders and Ministry of Transportation) Development of Cooperation Protocol (between Ministry of Transportation, Istanbul Metropolitan Municipality, Turkish National Police and Turkish Highway Authority)
FINANCIAL STRUCTURE – International Project Financing Awards Euromoney – Europe’s Best Project Finance Deal EMEAFinance – Best PPP Project Deal Infrastructure Journal – Best Innovative Deal Thomson Reuters PFI – Best Infrastructure Deal 26
2. Ongoing Major PPP Projects in Turkey
The 3rd Bosphorus Bridge and the Northern Marmara Motorway Project Istanbul 3rd Airport Gebze-Orhangazi- İzmir Motorway Project (Incl. Izmit Bay Crossing and Approach Roads) Bilkent Integrated Health Campus Project
THE 3rd BOSPHORUS BRIDGE • Client: General Directorate of Highways • Investors: IC İçtaş – Astaldi Consortium • Scope: Construction of the 3rd Bosphorus Bridge (1,408m) and 115km motorway. The bridge will have 8 lanes of motorway and 2 lanes of railway at the same level
THE 3rd BOSPHORUS BRIDGE • Total Investment Cost: USD 2,5bln • Construction Period: 3 Years • Operation Period: 7 Years and 2 Months • Notes: • State-backed Minimum Revenue Guarantee • Freight Transportation (Rail + Road) will be diverted out of the city limits • This will be the longest spanning suspension bridge in the world that has a rail system on it
ISTANBUL 3rd AIRPORT • Client: Ministry of Transport, Maritime and Communications • Investors: Cengiz-Kolin-Limak-MAPA-Kalyon Consortium • Scope: Project total area of 76,500,000m2 (6 runways, 6 taxiways, high-speed and connection taxiways, Air traffic, Communications and Meteorology Systems, other service buildings and systems)
ISTANBUL 3rd AIRPORT • Total Investment Cost: EUR 9 bln • Contract Value: EUR 22 bln (excl. VAT) • Construction Period: 5 Years • Operation Period: 25 Years • Notes: – The whole project is to be completed in several phases – At completion the airport’s capacity will be sufficient to service 150,000,000 passengers per year – Istanbul is to become a regional and international hub for air passenger traffic – PPP structure is based on many succesfully completed airport concessions in Turkey’s past.
GEBZE – ORHANGAZI – IZMIR HIGHWAY • Client: General Directorate of Highways • Investors: Nurol- Özaltın -Makyol-Astaldi- Göçay Joint Venture • Scope: The project has total 427km length consisting of 384km motorway and 43km connection roads; Including a suspension bridge (İzmit Bay Crossing Bridge) of about 2,6km in length
GEBZE – ORHANGAZI – IZMIR HIGHWAY • Total Investment Cost: EUR 10bln • Construction Period: 7 Years • Operation Period: 15 Years 4 Months • Notes: – The project will reduce travel time from Istanbul to İzmir, two of the main economic centers in Turkey, from 10 hours to 4 hours – The area across which the project stretches has one third of Turkey’s population and includes the seven most industrialized cities contributing to 45% of GDP
BILKENT INTEGRATED HEALTH CAMPUS • Client: General Directorate of Health Investments • Investors: IC İçtaş – Dia Holding fzco Joint Venture • Scope: To design, build, finance, operate and transfer a hospital with a capacity of 3,804 beds. The total area is approx. 1,2M sqm. The project company will provide the facilities management services and other clinical and non-clinical support services over the course of the operating period.
BILKENT INTEGRATED HEALTH CAMPUS • Total Investment Cost: USD 850M • Construction Period: 42 Months • Operation Period: 25 Years • Notes: – Renumeration in availability payments – Strong support from Multilateral Banks and International Finance Institutions
Project in Operation Project in Financial Total Close/Construction Project Number 153 30 183 Project Value USD 40 bln USD 62 bln USD 102 bln Some of the Main PPP Types Qty. Sectors Involved Build-Operate-Transfer 98 Energy, Airports, Ports Transfer of Operating Rights 69 Energy (HEPP), Highways, Bridges, Ports Build-Lease-Transfer 11 Healthcare Other 5 Various
Projects Project Value Energy USD 21.5 bln Implementation in Important Sectors: Airports USD 56.6 bln Motorways USD 11.5 bln 73 29 21 Energy Highways Ports Harbor USD 2.0 bln Marina USD 1.6 bln Healthcare Facilities USD 6.8 bln 18 15 11 Industrial Facilities USD 1.3 bln Airports Marinas Healthcare Bordergate USD 0.4 bln Railway USD 0.2 bln Total USD 102 bln
3. SOME MAJOR FUTURE PPP PROJECTS IN TURKEY
ISTANBUL GRAND TUNNEL BOT PROJECT KINALI – CANAKKALE HIGHWAY INCL. DARDANELLES STRAIT CROSSING BRIDGE ISTANBUL – ANKARA SUPER HIGH-SPEED RAILWAY
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